EPFO contributions reduced; gains in take home, employee cost
43 million employees of 650,000 firms will benefit from the move
For the next three months, statutory PF payments of employers and staff will be cut to 10% for firms covered by EPFO
NEW DELHI : The Centre on Wednesday reduced statutory deductions on employees’ provident fund (EPF) contributions for both formal sector employers and employees from the usual 12% each to 10%, for the May-July period. The move will benefit around 650,000 companies.